it will start with the defensive sectors and gradually move on to the more -- let's say exotic sectors and the more volatile sectors. >> i just wonder, you know, from jpmorgan yesterday, which is actually aggressively underweight u.s. relative to japan as well as emerging asian markets. and it says the u.s. has been underperforming since last summer. with the debt ceiling looming, now, in fact, is the time to pair positions. so even if you like equities maybe longer term, you know, are there not reasons here to be a little bit more cautious? >> well, there is. i think contrary to 2012, which was really a year of buy and hold and it performed well in all asset classes, volatility on the fixed income, for example, was at historic lows, i think this year is definitely going to be different. and it will lead to have a very dynamic strategy. at this stage, we have 30% equity and it will go up gradually according to the economic cycle. one should not forget -- and i think that's the big mistake that the analyst made in the beginning of the year is that the fiscal cliff discussion will not ha